AAVISHKAAR IMPACT REPORT

Transcription

1 AAVISHKAAR IMPACT REPORT 2016

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3 CEO s Message Dear Friends, I am happy to share with you the Aavishkaar Annual Impact Report This year we have tried to take a deeper look at our impact thesis and our focus on the distinction between the Fund Impact and Portfolio impact. As we study the funds role in making impact, we believe that capital has to take exceptional risk to seed new enterprises and in helping enterprises retain integrity towards their mission while helping them achieve rapid scale. While measuring the funds performance we have linked parameters of the fund with this measurement defined by: a) Risk taking to create enterprises and scale them b) Capital from other investors that followed our enterprises c) Companies that we are able to sustainably exit We do believe contributing to evolution of the ecosystem is another aspect of measuring fund impact. While we have played an important role in supporting ecosystem building initiatives such as formation of the India Impact Investor Council, supporting the creation of Sankalp Forum in India and Indonesia, this is an area of further work to be reported from next year as part of the Fund Impact. On the Enterprise side, our current framework has two key measurement pillars namely-livelihood creation and Vulnerability reduction. To further deepen our understanding on how this is being achieved we have introduced new classifications for our livelihood metric: a) Employment creation as the key measurement metric, b) Direct Livelihoods as the other key metric to measure impact being generated at Individual level, c) Indirect Livelihoods as a new variable to represent all the livelihood support work that we do through provision of financial services that leads to new livelihood avenues. Our Vulnerability Reduction metric has also been sub-divided into two new classifications: a) Beneficial effort that creates monetizable direct impact; a low cost hospital treats a patient where the benchmark expense can be established and savings can be quantified, b) Beneficial effort that creates verifiable and sustained impact spread over a longer term and difficult to quantify. Sanitation services, low cost education services are some examples of this. We are also introducing a third impact parameter which represents impact on the society, where attribution to individuals or a defined set of individuals is difficult. For instance, conserving the forests and carbon emission reduction benefits. The path of making transformational change is arduous and challenging. We need patience, resilience and support to deliver the change that people aspire and we exhort everyone to join us in this movement of making your country and our world a better place to live in. Warm Regards, Vineet Rai

4 CONTENTS 01 Aavishkaar s Impact Thesis 02 Fund Impact 06 Portfolio Impact

5 09 Fund Overview Aavishkaar s Current Portfolio

6 Aavishkaar s Impact Thesis Aavishkaar s Impact thesis continues to evolve as we spend more time in understanding how to articulate impact. We had and continue to have a two dimensional approach on impact measurement 1) what the Fund inputs on the one side that paves way for impact creation on the other and 2) impact resulting due to operations and activities of portfolio companies. 01

7 Fund Impact Risk-taking ability by investing in early stage companies & remote geographies 100% companies received Equity investments First external institutional investor in more than of the companies 92% 92% companies invested during seed stage 87% companies were started by first time entrepreneurs 96% companies with significant operations outside Tier I cities and above Close to 75% companies have operations in Frontier markets 11 companies headquartered in Frontier markets 02

8 Risk-taking ability by investing in early stage companies & remote geographies 2002 onwards: Non-traditional investment approach by investing in early stage enterprises in India 52 investments in India across 8 sectors including in companies with significant operations in Frontier markets of the country 2015 onwards: Replicating this approach in South & South-East Asia, 3 investments so far India 52 Bangladesh 1 Sri Lanka 1 Indonesia 1 Number of investments 03

9 Risk-taking ability in remote geographies: the Indian context Aavishkaar s portfolio companies are creating access to livelihood opportunities and/or are providing access to affordable products and services to low-income population. Geographical outreach of our portfolio companies is across 480 districts of a total of 640 districts in India. Portfolio Companies have operations in 29 Indian states including all 7 Low Income States. The impact potential of a geography is derived by taking into account the socio-economic and human development indicators of the district. A district with low performance on these indicators is considered highly vulnerable and companies operating in these geographies have a potential to create very high impact. 04

10 Fund Impact Nurturing enterprises Attracting follow-on capital US$ For every $1 invested, companies have raised 4x capital 459 raised in follow-on funding by our portfolio companies through external investors million Creating equal opportinities across gender divide 16 companies have women promoters 23 companies have had women board members Generating responsible exits 21full exits 4 partial exits All companies continue to grow with new investors. 05

11 Portfolio Impact Direct Employment Created ~35,000 jobs created US$ 49.1million Income earned by low-income households Benefit calculated only for the last two years. Over 5,000 jobs created in companies with 100% presence in frontier markets Direct Livelihoods Created 111,460 livelihoods created 48,158 livelihoods created for women 89,612 livelihoods created in Frontier markets US$ 44.7million Direct Economic Benefit generated for the livelihoods created 06

12 Portfolio Impact Indirect Livelihood Opportunities Due to Better Access to Finance 7.3 million people provided easier access to finance Close to 3 million people in Frontier markets provided easier access to finance 7.2 million women provided easier access to finance Access to Essential Services Essential services include education, financial services, healthcare, water, sanitation and other cost-saving products & services 48.5 million people provided easier access to essential products and services 7 million people in Frontier markets provided access to essential services US$ 285 million *Depends on intensity of usage * direct and quantifiable cost-savings due to easier access Over 24 million women provided access to essential products and services Longer term indirect benefits due to reduction in vulnerabilities such as education, sanitation not calculated. Benefit to Society 1,082,052 MT Cumulative reduction in CO 2 Emission 07

13 Portfolio Impact Snapshot 34,367 Direct employment created 111,460 Direct livelihoods created 7,344,793 Indirect livelihood opportunities due to better access to finance 48,596,180 People provided access to essential services 56,086,800 Total Beneficiaries 08

14 09 Fund Overview

15 Impact at Scale = (KYC)^n How do millions of people living across the hinterlands of countries, in the small towns and rural areas gain access to the various products and services that are otherwise far more easily available in other parts? And while the aspiration curve is indeed flat irrespective of what one s background is or where one stays or the extent of access he or she already has to such products or services, the reality presents a sobering picture. The question stays equally relevant even if posed in the reverse manner how do the makers and providers of these products and services find a way of reaching out and engaging with these large numbers. How do large businesses connect with the proverbial last mile? Stating that the task is non-trivial is to probably state the obvious, due to a combination of a number of contributing factors. However, while some of these factors such as the structure of the local economy, uneven distribution of public infrastructure and others are often cited, it is equally true that what can yet be achieved, despite these constraints, has not happened. This, due to an inadequate or more probably, an inaccurate understanding of really what and how these segments need to be addressed to. This challenge emanates because the start-points are varied rural vs urban, significant variance in education and skillsets, challenges in participating and engaging with any sort of economic activity, bridging the gender divide or even the ways in which gender issues are understood and dealt with locally. Reaching out to them therefore depends on finding newer ways of engaging, ways that factors in these variances and makes it more meaningful for the person on the ground. 10

16 Step in the Entrepreneur The critical step in the process is therefore a better understanding of the nuanced needs at the last mile, practical realities that confront them, cultural and traditional influences, availability of skillsets at any point and then be able to design and develop appropriate models that can yet achieve the broader objective. Entrepreneurs realise this best and their enterprises succeed since they know their customer. They know how to engage them, make it useful for them to do so, engage in a manner to understand the pace of change desirable and possible. Most importantly, they should be able to execute and implement all this on ground to make a meaningful difference. Scale in this manner in turn means a substantive and significant improvement to a vast majority of such segments of citizenry. Partnerships@Play Scale for such enterprises involves forging meaningful partnerships mutually leveraging on the strengths of the other. For majority of Aavishkaar portfolio companies and enterprises, its about forming collaborative relationships with larger financial institutions, banks, telecom companies or ecommerce players. These entities have the best of products and services but find it more prudent to leverage on the on-ground understanding of these enterprises to design and develop suitable models to bring these products and services within the reach of the person on the street. On the other end of the partnership process, we are witnessing many of these enterprises in turn leveraging on the strengths of other ecosystem players who can work to their benefit, like for instance making use of existing other private or public infrastructure to make deeper inroads or to gain access in places where its not feasible for them to go solo. Enterprise business models take into account the possibility, relevance and usefulness of forging such partnerships at either ends of the interface boundaries. In this entire scheme of things, partners at either ends, whether the enterprise or the large corporate, working together in this fashion ultimately results in a win-winwin situation. It is gainful for the partners themselves and most crucially, for the person in a remote corner, who otherwise would have limited ability to be engaged in such a process. Sustaining this effort would mean deeper and wider inclusion, better and more evenly distributed incomes and significant drop in shocks due to adverse incidents - a step closer to bridging the present gap between aspiration and reality. We call this work. Enterprises are capable of bringing these partnerships in action by playing a central role in bringing large entities and the stakeholders at the ground closer. Enterprises are the missing middle links that can foster these partnerships as they understand the needs of both stakeholders and hence cater to them while achieving scale. Government Large Entities Corporations Financial Institutions Enterprise End Customers/ People on the ground 11

17 Cloudwell Cloudwell, the company that operates under the brand name, Paywell is a first of its kind retail network in Bangladesh that brings the products and services offered by some of the country s biggest companies within the reach of the common man. The company leverages cutting edge technology to provide a platform that enables convenient and trust-worthy payment and transaction service offerings to their customers while expanding the delivery channels of large businesses seeking last mile digital distribution network. A typical PayWell agent is a small shop in the neighborhood, where customers can use PayWell s point-of-sale (POS) system/mobile apps/web apps to buy mobile talk-time, pay utility bills, make bus/train ticket purchases, as well as conduct mobile banking activities. The company developed its retailer base starting from the Dhaka city to pilot the product in the market. For retailers outside Dhaka city, the company engaged with third party distributors who enable cash servicing of the PayWell agent network under their respective areas. As of June 2016, Cloudwell has a retailer base of over 2,400 retailers across 37 out of 64 districts in Bangladesh. The corporates currently using PayWell include major mobile financial service providers such as Dutch Bangla Bank Ltd. and Islami Bank for their full service offering and major telecom companies such as Grameenphone, Banglalink and others for airtime top-ups. Some other organisations that offer utilities, passport payments and bus aggregators for ticketing also use Paywell services. These large businesses, despite their already existing distribution networks see merit in engaging with Cloudwell to enable deeper penetration and improve outreach. Retailers on the other hand serve multiple forms of customer needs through engagement with a single counterparty, i.e. Cloudwell. Cloudwell is promoted by Anis and Faizul, who have extensive experience in technology and financial services. Aavishkaar Frontier Fund invested in this company in April 2016 and through this investment, Cloudwell is targeting to reach 30,000 agents, with an intention to catalyse entrepreneurship and increase economic benefit to PayWell retailers and enhance ease and accessibility to transaction and financial services in both urban and rural Bangladesh. 12

18 Agriculture & FOOD PROCESSING Geographical Coverage India-Andhra Pradesh, Bihar, Delhi, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal. Indonesia and Sri Lanka Livelihoods created 51,456 People provided access to essential services 1,991,478 Women IN ABOVE 971,183 Employment 2,671 jobs Economic Benefit * US$ 109 MILLion *Only when this is directly quantifiable ** is as of June

19 Agriculture & Food Processing Ergos Farmers benefitting through Ergos s services and receiving improved market access 1,812 Farmer earnings from Ergos s through warehousing and procurement services US$ 22,680 3,904 US$ 165, Bihar Ergos is building an integrated agri-supply chain for food grains by connecting farmers in the Low Income State of Bihar with agri-input vendors, agri processors and retailers. The company has set up a network of micro-warehouses close to the farm lands in remote villages of Bihar. AGROSTAR 2013 Gujarat Agrostar enables retail of agricultural inputs such as crop protection products, nutrients, seeds and agricultural hardware products at discount to market prices to farmers through a mobile-based platform. Farmers purchasing high quality agricultural inputs from Agrostar s m-commerce platform 32, ,778 Farmer savings as a result of procuring agricultural inputs at a discounted rate through the Agrostar platform US$ 342,750 US$ 1.5 million HR Foods Farmers engaged through HR Foods dairy supply network 2,100 7,500 Farmer earnings as part of the supply network US$ 530,959 US$ 3.8 million 2013 Bihar (for procurement of milk), Jharkhand HR Foods is a green field dairy processing company based in Ranchi, Jharkhand. The company has established end-to-end dairy operations right from sourcing of milk from dairy farmers, to processing, packaging and selling it to end consumers under the brand name Osam. 14

20 Agriculture & FOOD PROCESSING Milk Mantra 2011 Odisha A leading dairy products company, Milk Mantra has built an organised dairy supply chain that manufactures and markets premium quality dairy products under the Milky Moo brand available in eastern states of India. Farmers supplying milk to Milk Mantra and gaining market access 26,063 Income earned by farmers by supplying milk to Milk Mantra US$ 13.4 million 38,172 US$ 34.2 million INI Farms Land under sustainable cultivation 652 acres Contract farmers using INI s cultivation methods to enhance productivity Gujarat, Madhya Pradesh, Maharashtra INI Farms, a leading exporter of pomegranates and bananas, has developed high yield horticulture plantations in Maharashtra and Madhya Pradesh and provides farm extension and post-harvest management services for small holder farmers. Shree Kamdhenu Electronics 2003 Bihar, Gujarat, Jharkhand, Maharashtra, Punjab, Rajasthan, Sikkim, Tamil Nadu, Uttar Pradesh, West Bengal Shree Kamdhenu Electronics Private Limited (SKEPL) pioneered the automation of the previously predominant manual milk collection process in milk cooperative societies. SKEPL s Automated Milk Collection System (AMCS) helps eliminate inefficiencies in milk collection, thus bringing increased efficiencies and returns to cooperatives and dairy farmers. Dairy farmers benefiting from AMCS installed by SKEPL 1,871,700 Income increase for farmers as a result of using SKEPL s AMCS US$ 68.9 million 15

21 Agriculture & Food Processing North Atlantic 2015 Sumbawa, Indonesia North Atlantic (NAI) is a US-based supplier of private label warm water fisheries products with a key focus on the USA market. NAI is directing its primary sourcing channel to captive fish processing mini plants in Eastern Indonesia. The company will process fresh seafood into frozen seafood products for the markets in Asia and USA. Volume procured from supply partners 140 MT Ma s Foods 2016 Farmers in the supplier network 203 Income realized to farmers due to raw material sourcing US$ 138,063 Employment created in the region 266 Sri Lanka MA s is a food processing company in Sri Lanka a food ingredient and solutions provider working across the value chain from sourcing to processing to distribution. The company is a premium brand with a broad range of value added offerings and serves end consumers through traditional and modern retail channels. The company supplies to HORECA establishments, industrial kitchen and private labels for export markets. 16

22 INCLUSIVE SUPPLY Chain Geographical Coverage India-Andhra Pradesh, Assam, Bihar, Gujarat, Jammu & Kashmir, Madhya Pradesh, Maharashtra, Nagaland, New Delhi, Odisha, Rajasthan, Tamil Nadu, Uttar Pradesh and Uttarakhand Livelihoods created 53,880 WOMEN IN ABOVE 22,939 Employment 1,886 Economic Benefit* US$ 4,256,478 *Only when this is directly quantifiable ** is as of June

23 INCLUSIVE SUPPLY Chain Mela Artisans employed with the groups that availed sustainable market access at fair prices through Mela ,053 14,322 Andhra Pradesh, Bihar, Jammu & Kashmir, Jharkhand, Rajasthan, Tamil Nadu, Uttar Pradesh Income generated for artisans US$ 674,477 US$ 1,184,057 since 2012 Mela designs and sources hand made products made from sustainably sourced wood, metal, and textiles exclusively from artisans in India. Mela retails its products in the United States through various channels such as discount stores, specialty retailers, boutiques, and through e-commerce portals. Mandala Apparels 2013 Tamil Nadu Mandala Apparels earlier known as Creative Art of Souls (CAOS), is a manufacturer of Fairtrade, certified organic cotton garments and other related products catering primarily to the export market. People employed to manufacture high quality organic cotton garments Organic cotton cultivators supported through Mandala manufactured products 78 Jaypore 2016 Artisans engaged by artisan groups and boutiques and designers 32,257 Income earned by artisans US$ 373,791 Assam, Bihar, Jammu & Kashmir, Madhya Pradesh, Nagaland, Odisha, Rajasthan, Uttar Pradesh, Uttarakhand Jaypore is an e-commerce platform for premium Indian, handcrafted merchandise, with a hybrid model comprising of a curated market place & private label. Its main product categories are women s ethnic apparel accessories and jewellery with a handcrafted element. It also derives a small portion of revenues from home décor and other related items. 18

24 EDUCATION Geographical Coverage India-Andhra Pradesh, Assam, Bihar, Chattisgarh, Goa, Gujarat, Himachal Pradesh, Karnataka, Kerala, Maharashtra, Tamil Nadu, Telangana, Tripura and West Bengal People provided access to education & training 1,204,261 Women IN ABOVE 602,131 Employment 798 jobs ** is as of June

25 Nalanda Learning Systems EDUCATION Children residing in semi urban areas gaining access to early schooling 2013 Bihar, Tripura, West Bengal 1,156 3,960 Nalanda Learning Systems Private Limited runs a chain of affordable digitally enabled preschools in Eastern India under the brand name Little Laureates. Karadi Path Education Company 2012 Gujarat Karadi Path Education company provides low-cost and innovative English education to children as well as adults. It has developed a non linear English teaching methodology that innovatively combines stories with actions and music to teach the English language in the same manner that one learns the mother tongue. Students receiving affordable English education from exposure to Karadi Path s training curriculum 153, ,795 Teachers trained in KP s English teaching methodology 7,939 Butterfly Fields Students taught Mathematics and Science using Butterfly Fields learning material 607, ,970 Teachers trained by Butterfly Fields in using innovative teaching methods 13, Andhra Pradesh, Assam, Chhattisgarh, Gujarat, Himachal Pradesh, Karnataka, Maharashtra, Tamil Nadu, Telangana Butterfly Fields is committed to enhancing learning outcomes in Science and Mathematics for primary and secondary school children. The company designs and markets a range of innovative and lowcost hands-on learning products, that can transform the way Science and Mathematics are taught in schools. 20

26 Healthcare Geographical Coverage India-Karnataka, Andhra Pradesh and Uttar Pradesh People provided access to essential services 1,537,599 Women IN ABOVE 768,799 Employment 884 jobs Economic Benefit* US$ 8,379,672 *Only when this is directly quantifiable ** is as of June

27 Healthcare mera DOCTOR People provided primary healthcare advice through phone & mobile based applications 2011 Uttar Pradesh 147, ,685 Mera Doctor offers primary healthcare advice at affordable rates over the telephone, through license doctors. The company has also launched a mobile based application which allows users to consult licensed doctors and seek healthcare advice by using the chat feature. GV Meditech 2010 Uttar Pradesh GV Meditech is a Varanasi-based healthcare company that runs a chain of high quality secondary and tertiary care hospitals in and around Varanasi. People benefitted with access to affordable quality healthcare 125,079 Patients savings for treatment, wages and living cost US$1.4 million Vaatsalya People benefited with access to affordable, good quality healthcare ,017,280 1,133,835 Karnataka, Andhra Pradesh Patients savings for treatment, wages and living cost Vaatsalya offers good quality and affordable healthcare services to underserved populations through a chain of semi-urban and rural hospitals in the southern states of Andhra Pradesh and Karnataka. US$ 6.2 million US$ 6.9 million 22

28 Water, Sanitation & Waste Management Geographical Coverage India-Andhra Pradesh, Bihar, Delhi, Gujarat, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha, Puducherry, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh and West Bengal Livelihoods created 1,905 People provided access to essential services 16,163,550 Women in above 8,082,727 Employment 1,479 ECONOMIC BENEFIT* US$ 959,743 *Only when this is directly quantifiable ** is as of June

29 Nepra Resource Management Water, Sanitation & Waste Management Wastepickers part of Nepra s supply network 1,000 Income earned by wastepickers US$ 473,500 1,905 US$ 959, Gujarat Nepra is an Ahmedabad-based waste management company that aims to build an organised and reliable dry waste supply chain in India by effectively connecting generators of waste and waste collectors (informal waste pickers) to recyclers, while also offering fair and transparent prices and a steady supply of segregated waste to recyclers. Saraplast 2009 Maharashtra, Tamil Nadu, Karnataka, Delhi, Andhra Pradesh People accessed clean sanitation through company s portable toilet installations Saraplast is the fastest growing portable toilet leasing company in the country. It tackles one of India s biggest challenges access to hygienic sanitation. The company provides portable sanitation facilities along with cleaning, evacuation and disposal services for the waste. 1,178,870 11,896,950 Waterlife 2006 People accessed clean drinking water through active water purification systems installed by Waterlife 4,266,600 West Bengal, Uttar Pradesh, Maharashtra, Puducherry, Bihar, Jharkhand, Karnataka, Andhra Pradesh, Odisha, Telangana, Kerala, Rajasthan, Madhya Pradesh Waterlife provides rural and underserved communities with potable drinking water solutions. It sets up village-level water purification plants suited to local needs. 24

30 Renewable energy Geographical CoveragE Pan India People provided access to essential services 1,149,815 Women IN ABOVE 1,034,834 Employment 110 jobs CO 2 Reduction 924,728 MT* *Varies upon intensity of usage ** is as of June

31 Renewable energy Servals Automation Households used Servals fuel efficient burners 912,746 1,149,815 Energy efficient burners resulted in CO 2 Emission Reduction 756,168 MT 2002 Pan India Servals Automation offers affordable and energy efficient cooking solutions for the masses. Its flagship product is an energy efficient stove burner that saves up to 30% kerosene as compared to a conventional burner. The other key products include various types of clean and energy efficient stoves including biomass stoves and wood stoves. Vana Vidyut 2012 Maharashtra, Tamil Nadu Vana Vidyut Pvt. Ltd. (VVPL) has established India s first grid-connected biomass power plant with biomass feedstock from regenerative forest plantations stoves. Land brought under feedstock cultivation and converted to forestland 430 acres Forests account for reduction in of CO 2 emission 168,560 MT 26

32 Geographical Coverage India-Andhra Pradesh, Assam, Bihar, Chandigarh, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Puducherry, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttarakhand, Uttar Pradesh, West Bengal. Bangladesh Livelihoods created 5,317 PEOPLE Provided access to essential services 26,555,238 WOMEN IN ABOVE 13,091,114 Employment 1,488 Economic Benefit* US$ 182,874 Co 2 Reduction 157,324 MT *Only when this is directly quantifiable ** is as of June

33 Connect India Village level entrepreneurs received income increase 3,269 Income earned by village level entrepreneurs due to e-commerce activities US$ 162, Andhra Pradesh, Assam, Bihar, Delhi, Gujarat, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Madhya Pradesh, Maharashtra, Meghalaya, Odisha, Punjab, Rajasthan, Tamil Nadu, Telangana, Uttar Pradesh, West Bengal Connect India was founded in 2014 to offer last mile logistics services to rural and urban areas in India. It leverages infrastructure at existing customer- touch points in these geographies, extending their scope to handling ecommerce products delivery using a hyper local approach. Electronic Payment & Services 2012 Maharashtra Electronic Payment & Services (EPS) offers outsourced ATM services and related retail channel services to banks and financial institutions. The company aims to become a leading independent ATM deployer in the country by garnering tenders from banks and financial institutions for the deployment of modular ATMs. People availed access to ATMs 1 deployed 12,782,123 55% of the ATMs deployed are in rural and semi urban regions of Maharashtra 1 Includes Vortex ATMs 18,987,500 B2R Technologies People employed across BPO centres set up in rural areas of Uttarakhand Over 50% of youth employed are women 2010 Uttarakhand B2R (Business to Rural) is a rural BPO business based in the northern state of Uttarakhand. The company has set up rural BPO service delivery centers in a hub-and-spoke arrangement to provide business support services to clients. 28

34 Vortex Engineering 2006 Andhra Pradesh, Bihar, Chandigarh, Delhi, Gujarat, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Odisha. Puducherry, Punjab, Rajasthan, Tamil Nadu, West Bengal, Uttar Pradesh Vortex Engineering is a high-tech product innovation company providing cash management solutions in emerging economies. It makes the world s most energy efficient ATMs that work as effectively in rugged, remote, rural areas as in high-performance demanding urban applications. People availed access to financial services through Vortex ATMs placed in rural and semi urban areas across 15 states in India 1,483,117 7,679,314 C0 2 emissions reduced through Vortex s solar powered and energy efficient ATMs 157,324 MT Cloudwell Retailers in the Cloudwell network 2,472 Transactions through the Paywell platform 1,609,768 Income earned as commission by retailers US$ 20,174 Customers served by the retailers 833, Bangladesh Cloudwell Limited is a payment systems company in Bangladesh which operates under the brand name Paywell. Paywell is a techenabled organised retail network, which provides convenient payments and transaction service points to customers in urban and rural Bangladesh while providing last mile distribution channel to major consumer service organisations in the utility, telecom, financial services, transport, and retail sectors. 29

35 Geographical Coverage India-Andhra Pradesh, Assam, Bihar, Chattisgarh, Delhi, Gujarat, Odisha, Haryana, Himachal Pradesh, Jharkhand, Karnataka, Kerala, Madhya Pradesh, Maharashtra, Meghalaya, Puducherry, Rajasthan, Sikkim, Tamil Nadu, Tripura, Uttar Pradesh, Uttarakhand and West Bengal People provided access to finance 7,344,793 Women IN ABOVE 7,271,345 Employment 24,812 ** is as of June

36 Equitas 2010 People received access to finance 2,540,000 Assam, Bihar, Jammu & Kashmir, Madhya Pradesh, Nagaland, Odisha, Rajasthan, Uttar Pradesh, Uttarakhand Equitas is a Small Finance Bank (SFB) headquartered in Chennai, Tamil Nadu with a vision to impact 5% of Indian households by Before converting to SFB, it was operating as a diversified NBFC with subsidiaries covering microfinance, vehicle finance and housing finance sectors. The holding company completed its Initial Public Listing (IPO) in April Utkarsh MICROFINANCE 2009 Bihar, Delhi, Madhya Pradesh, Uttarakhand, Uttar Pradesh Utkarsh Microfinance is a NBFC-MFI headquartered in Varanasi, UP. It has received an in-principle license from RBI and has applied for final license for commencing Small Finance Bank operations. It aims to provide access to finance in a grossly under-served and challenging region in the northern part of the country. People received access to finance 1,090,774 Suryoday 2009 People received access to finance 735,609 Gujarat, Karnataka, Maharashtra, Odisha, Tamil Nadu Suryoday Microfinance is a NBFC-MFI headquartered in Navi Mumbai, Maharashtra. The company has received final approval from RBI to start a Small Finance Bank. Its strategy is to continue its focus on customer experience and provide entire bouquet of financial services to existing and new customers. 31

37 Arohan 2012 People received access to finance 621,422 Assam, Bihar, West Bengal Arohan Financial Services Pvt. Ltd. (Arohan) is NBFC-MFI headquartered in Kolkata. Its strategy is to be the financial inclusion player in East, North East and Central low income states. Swarna Pragati 2009 Karnataka, Maharashtra, Odisha Swarna Pragati is a Housing Finance Company (HFC) headquartered in Chennai. Its strategy is to provide housing loan for modular housing built with a focus on low income segment in rural and semi-urban areas. People received access to finance 11,029 Intellecash 2012 People received access to finance 96 Assam, Bihar, West Bengal IntelleCash is a NBFC and provides working capital and business loans to MSMEs. Its strategy is to work with the aggregators and help customers/small businesses through credit advance for the reason of income generation. 32

38 Belstar 2010 People received access to finance 113,838 Karnataka, Puducherry, Tamil Nadu Belstar Investment and Finance Private Limited is the microfinance delivery arm of the Hand in Hand (HIH) group, a public charitable trust focused on livelihood promotion, headquartered in Chennai, Tamil Nadu. Its strategy is to provide scalable microfinance services to entrepreneurs nurtured by HIH Self-Help Group (SHG) Programme. Share Microfin 2007 Pan India Share Microfin Ltd. (SML) is a NBFC-MFI headquartered in Hyderabad. Its strategy is to provide financial and support services to the marginalised sections in society, particularly to women from economically-weaker sections. People received access to finance 2,600,000 BHARTIYA SAMRUDDHI FINANCE 2009 People received access to finance 1,127,337 Pan India Bhartiya Samruddhi Finance Ltd (BSFL) is a part of the Hyderabad-based BASIX group. Its strategy is to promote a large number of sustainable livelihoods - combination of financial inclusion services, agricultural and business development services and institutional development services. 33

39 PHOTO CREDITS: IMPACT REPORT 2016 Page 12: Cloudwell; Page 19: Karadi Path Education Company; Page 27: Connect India

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